Honda F1 website

APRIL 9, 2003

Haffa Brothers fined $1.6m

Thomas and Florian Haffa, the men behind EM.TV, the media company which used to control the Formula One group of companies, have been convicted of issuing false sales figures and have been fined $1.6m between them. Thomas Haffa was fined $1.3m and his brother $255,000. The court however rejected claims for suspended jail sentences for the two men.

The pair invested heavily in the sport but over-extended the company and it ran into serious difficulties as the share price tumbled.